Registration number:
New Close Farm Limited
for the Year Ended 31 December 2020
New Close Farm Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
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Non-statutory pages |
New Close Farm Limited
Company Information
Directors |
Mrs G M Armstrong Mr E G Armstrong Mr T J Armstrong Mr J G Armstrong |
Registered office |
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Accountants |
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New Close Farm Limited
Directors' Report for the Year Ended 31 December 2020
The directors present their report and the abridged financial statements for the year ended 31 December 2020.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is rearing livestock and the preparation of meat products.
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
New Close Farm Limited
for the Year Ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of New Close Farm Limited for the year ended 31 December 2020 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of New Close Farm Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of New Close Farm Limited and state those matters that we have agreed to state to the Board of Directors of New Close Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Close Farm Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that New Close Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of New Close Farm Limited. You consider that New Close Farm Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of New Close Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
South Road
Taunton
Somerset
TA1 3DU
New Close Farm Limited
Abridged Profit and Loss Account for the Year Ended 31 December 2020
Note |
2020 |
2019 |
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Gross profit |
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Administrative expenses |
( |
( |
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Other interest receivable and similar income |
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- |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The company has no recognised gains or losses for the year other than the results above.
New Close Farm Limited
(Registration number: 01985364)
Abridged Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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New Close Farm Limited
(Registration number: 01985364)
Abridged Balance Sheet as at 31 December 2020
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
Mrs G M Armstrong
Director
Mr E G Armstrong
Director
Mr T J Armstrong
Director
Mr J G Armstrong
Director
New Close Farm Limited
Statement of Changes in Equity for the Year Ended 31 December 2020
Share capital |
Profit and loss account |
Total |
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At 1 January 2020 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
At 31 December 2020 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2019 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
At 31 December 2019 |
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New Close Farm Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
New Close Farm
Granby Croft
Granby Road
Bakewell
Derbyshire
DE45 1ES
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
New Close Farm Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2020
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land & buildings |
4% reducing balance |
Fixtures & fittings |
25% reducing balance |
Office equipment |
25% straight line |
Motor vehicles |
25% reducing balance |
Plant and machinery |
25% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Biological assets
Biological assets, living plants and animals are included at the lower of cost and estimate selling price less costs to sell.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
New Close Farm Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2020
Tangible assets |
Total |
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Cost or valuation |
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At 1 January 2020 |
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Additions |
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Disposals |
( |
At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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Eliminated on disposal |
( |
At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Creditors: amounts falling due within one year |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £12,780 (2019 - £20,800).
Creditors: amounts falling due after more than one year |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £514,205 (2019 - £816,767).
Bank borrowings
The bank loan is secured by a fixed and floating charge. |
Related party transactions |
Transactions with directors |
2020 |
At 1 January 2020 |
Advances to directors |
Repayments by director |
At 31 December 2020 |
Mr T J Armstrong |
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Advances and credits |
11,543 |
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( |
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Mr E G Armstrong |
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Advances and credits |
(3,420) |
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( |
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New Close Farm Limited
Notes to the Abridged Financial Statements for the Year Ended 31 December 2020
2019 |
At 1 January 2019 |
Advances to directors |
Repayments by director |
At 31 December 2019 |
Mr T J Armstrong |
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Advances and credits |
18,543 |
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( |
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Mr E G Armstrong |
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Advances and credits |
13,182 |
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( |
( |
New Close Farm Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2020
2020 |
2019 |
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Turnover |
1,565,612 |
1,067,144 |
Cost of sales |
(797,031) |
(543,002) |
Gross profit |
768,581 |
524,142 |
Gross profit (%) |
49.09% |
49.12% |
Administrative expenses |
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Employment costs |
411,197 |
245,579 |
Establishment costs |
168,037 |
90,176 |
General administrative expenses |
54,246 |
42,680 |
Finance charges |
9,862 |
6,681 |
Depreciation costs |
51,796 |
47,253 |
Other expenses |
3,976 |
(7,827) |
699,114 |
424,542 |
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Other operating income |
39,379 |
- |
Operating profit |
108,846 |
99,600 |
Other interest receivable and similar income |
406 |
- |
Interest payable and similar expenses |
(26,336) |
(30,992) |
(25,930) |
(30,992) |
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Profit before tax |
82,916 |
68,608 |
New Close Farm Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2020
2020 |
2019 |
Turnover |
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Sale of goods, UK |
1,547,567 |
1,045,418 |
Rental income from investment property |
8,000 |
9,600 |
Grants and subsidies |
10,045 |
12,126 |
1,565,612 |
1,067,144 |
Cost of sales |
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Opening raw materials |
88,547 |
69,940 |
Purchases |
717,965 |
531,752 |
Butchery costs |
60,914 |
14,344 |
Closing raw materials |
(83,354) |
(88,547) |
Freight and carriage |
12,959 |
15,513 |
797,031 |
543,002 |
Employment costs |
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Wages and salaries (excluding directors) |
352,882 |
215,775 |
Directors remuneration |
22,662 |
22,996 |
Subcontract cost |
12,343 |
6,095 |
Commissions payable |
22,895 |
263 |
Staff training |
415 |
450 |
411,197 |
245,579 |
Establishment costs |
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Rent |
26,189 |
24,657 |
Rates |
52,772 |
10,176 |
Light, heat and power |
30,980 |
24,613 |
Insurance |
10,517 |
8,299 |
General maintenance |
47,579 |
22,431 |
168,037 |
90,176 |
New Close Farm Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2020
General administrative expenses |
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Telephone and fax |
4,569 |
3,323 |
Computer software and maintenance costs |
1,593 |
- |
Printing, postage and stationery |
1,018 |
1,424 |
Courier services |
6,691 |
736 |
Trade subscriptions |
2,832 |
3,299 |
Sundry expenses |
1,295 |
1,274 |
Cleaning |
3,269 |
2,156 |
Management charges payable |
- |
6,150 |
Waste disposals |
4,868 |
- |
Motor expenses |
14,355 |
14,562 |
Advertising |
4,291 |
600 |
Staff entertaining (allowable for tax) |
504 |
- |
Accountancy fees |
3,048 |
3,033 |
Bookkeeping fees |
5,401 |
2,099 |
Legal and professional fees |
512 |
4,024 |
54,246 |
42,680 |
Finance charges |
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Bank charges |
9,862 |
6,681 |
Depreciation costs |
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Depreciation of freehold property |
9,401 |
8,137 |
Depreciation of plant and machinery (owned) |
30,993 |
25,767 |
Depreciation of fixtures and fittings (owned) |
5,705 |
5,960 |
Depreciation of motor vehicles (owned) |
4,714 |
6,285 |
Depreciation of office equipment (owned) |
983 |
1,104 |
51,796 |
47,253 |
Other expenses |
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Profit/(loss) on disposal of tangible fixed assets |
(3,976) |
7,827 |
Other operating income |
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Government grants receivable |
39,379 |
- |
Other interest receivable and similar income |
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Other interest receivable |
406 |
- |
Interest payable and similar expenses |
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Bank interest payable |
26,237 |
30,992 |
Hire purchase interest |
99 |
- |
26,336 |
30,992 |